KINGSTON, Jamaica – Jean Panton, the former wealth advisor at Stocks and Securities Limited (SSL) who is accused of multiple fraud charges, has been remanded until May 27, 2024. This decision was made by a Justice in the Home Circuit Court in Kingston, Jamaica, on Wednesday, December 6, 2023.
The authorities have indicted Panton with the following charges:
- Three counts of larceny as a servant
- Three counts of falsification of accounts
- Five counts of forgery
- Five counts of uttering forged documents
- Three counts of engaging in transactions involving stolen property
- Three counts of breaches of the Cybercrimes Act
According to the allegations, SSL has been accused of defrauding more than 30 clients, resulting in a total amount of approximately $3 billion over a span of ten years.
Investigations into the large-scale fraud at SSL have revealed that over 200 accounts have been affected, with the fraud and other irregularities surpassing a staggering amount of $30 million. The investigation extends beyond Jamaica, raising concerns about the reach of the fraud.
The Financial Investigations Division (FID) reports that evidence indicates the involvement of over 200 accounts and a substantial sum exceeding $30 million, attributed to fraudulent activities and other irregularities related to clients’ funds. Despite numerous appeals and direct communication channels, the FID has only received 23 official statements from those affected.
SSL has been under the temporary management of the Financial Services Commission (FSC) since January following the emergence of fraud allegations. At that time, it was stated that approximately 40 clients had allegedly fallen victim to a combined $3 billion loss. Currently, only one individual, Jean Ann Panton, has been identified and charged and is set to face trial in the Criminal Division of the Home Circuit Court.
The investment firm is currently embroiled in several ongoing court cases involving entities such as Welljen Limited, a business associated with sprint star Usain Bolt, as well as Jean Elizabeth Forde, Deborah Franz, Mae Elaine Tapper, Jamaica Small Loans and Microfinancing Limited, and Robin De Lisser. Former directors and executives of SSL have also been named as additional defendants in amended claims.